Silent Run
Glenn Beck is reporting there is a silent run on money market and hedge funds. Yesterday, it was reported that Wachovia experienced a silent run over the weekend, which has led to them being sold to Wells-Fargo.
Last week, I expressed my fear of an ATM/Debit card to Damian, and warned that the MEDIA would be slow to react. I shared this fear with Kermit – he said people don't have money to withdraw!
Well, the people that do have money are causing this silent run.
I did not blog about this because I was hoping I was wrong.
I would implore people to not panic, but it's too late for that. King Paulson has fueled the panic.
If the Fed passes the bailout, this will only delay the danger, and lead to more bailouts and/or a Fed crash.
Moral hazard has created and excacerbated the crisis.
I pray Congress says no to the bailout, and calls fear's bluff.
Similar Posts:
- King Paulson News Clippings
- Random Thoughts on financial markets the past few days
- $1.75 and the common man speaks
- LDOTR: Rush Jumps the Somali Shark
- Sir Dodd Makes Bid for King Paulson’s Crown
- Response to AmEx/Auto Industry Bailout
- Breaking News: King Paulson Fears Deal May Collapse
The financiers are snookering us again. We, the taxpayers, will never see that money once Congress caves in to special interests, (as usual). If we try to get it back by taxing these businesses, then they will take the good parts of their portfolios and flee to other countries. Suckers!
If we use that money to enhance social security, then all of the retirees that lost their retirement funds in the stock market will at least be guaranteed a reasonably comfortable retirement. (The only ones who will still be unhappy are the ones trying to retire to their mansions.)
Finally! Congress has found the money to make social security work.
Let Congress know that if they get fooled by this bailout, then the only thing for voters to do is punish congress the way it was punished for the gulf war.
Bryant Arms